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CNBC Exclusive: CNBC Transcript: Valeant CEO J. Michael Pearson Speaks One-On-One with Meg Tirrell Today on CNBC

WHEN: Today, Wednesday, May 28th

WHERE: CNBC's "Fast Money Halftime Report"

Following is the unofficial transcript of a CNBC EXCLUSIVE interview with Valeant CEO J. Michael Pearson today on CNBC.

All references must be sourced to CNBC.

MEG TIRRELL: I'M HERE WITH CHAIRMAN AND CEO OF VALEANT MIKE PEARSON. MR. PEARSON THANK YOU SO MUCH FOR JOINING US.

MICHAEL PEARSON: MY PLEASURE.

TIRRELL: SO YOU ANNOUNCED A RAISED BID TODAY FOR ALLERGAN. YOUR STOCK, HOWEVER, IS DOWN A FEW PERCENT. MAYBE YOU CAN EXPLAIN WHY YOU THINK INVESTORS MIGHT BE REACTING THAT WAY.

PEARSON: ONE NEVER KNOWS FOR SURE, BUT WHAT I HAVE READ IS THAT SOME WERE EXPECTING A MUCH HIGHER OFFER. AND IF WE HAD HAD A HIGHER OFFER, THEN MAYBE THIS DEAL WOULD HAVE BEEN COMPLETED MORE QUICKLY. BUT WE ARE GOING TO REMAIN FINANCIALLY DISCIPLINED. WE BELIEVE THIS IS A GREAT DEAL FOR BOTH SETS OF SHAREHOLDERS – AS WHAT WE HAVE HEARD FROM BOTH SETS OF SHAREHOLDERS. BUT MY PRIMARY RESPONSIBILITY IS TO VALEANT SHAREHOLDERS AND WE ARE NOT GOING TO OVER BID FOR THIS ASSET.

TIRRELL: RIGHT. AND YOU HAD A LOT OF QUESTIONS TODAY FROM ANALYSTS, INVESTORS IN THE AUDIENCE ABOUT HOW LONG YOU WOULD WAIT OR POTENTIALLY IS THIS YOUR LAST BID. WHAT DO YOU SAY TO THAT? COULD YOU GO HIGHER THAN THIS?

PEARSON: WE HAVE SAID, AND WHAT WE CONSISTENTLY SAY, WE ARE HAPPY TO SIT DOWN WITH THEM AND TRY TO NEGOTIATE A FINAL DEAL. WE WILL NOT BE MAKING ANY OTHER OFFER UNTIL THEY ARE WILLING TO SIT DOWN WITH US OR WE GO DIRECTLY TO A SPECIAL MEETING. AND IN TERMS OF OUR PERSISTENCE, WE WERE PERSISTENT. AND IN TERMS OF RUNNING OUR BUSINESS, WE CAN DO ANYTHING WE WANT TO DO. WE WILL CONTINUE TO MAKE ACQUISTIONS, WE WILL CONTINUE TO MOVE FORWARD. SO THIS DOES NOT CHANGE OUR RUNNING OUR BUSINESS, SO WE WILL BE PERSISTENT.

TIRRELL: AND IS THERE A TIME LIMIT FOR HOW LONG YOU WOULD WAIT IF YOU HAVE TO CALL THAT SPECIAL MEETING, GO DIRECTLY TO SHAREHOLDERS – THAT TAKES SIX MONTHS, TOWARD THE END OF THE YEAR. ARE YOU WILLING TO WAIT THAT LONG? OR IS THERE SOME POINT WHEN YOU SAY WE ARE JUST DONE?

PEARSON: WE ARE PATIENT BECAUSE WE HAVE NO CONSTRAINTS. WE CAN KEEP RUNNING OUR BUSINESS, MAKING ACQUISTIONS. IT DOESN'T CHANGE ANYTHING FOR US. WE THINK THIS IS A GREAT COMBINATION AND WE BELIEVE BOTH SETS OF SHAREHOLDERS WANT IT. SO WE WILL BE PERSISTENT, WE WILL BE PATIENT, BUT WE WILL ALSO CONTINUE TO RUN OUR BUSINESS THE WAY WE ALWAYS HAVE.

TIRRELL: AND ALLERGAN CAME OUT EARLIER THIS WEEK SAYING YOUR BUSINESS MODEL IS UNSUSTAINABLE, YOU WOULDN'T KNOW HOW TO RUN THEIR GLOBAL BRANDS. DO YOU THINK YOU CONVINCED INVESTORS TODAY THAT THOSE CLAIMS – THAT THEY SHOULD HAVE CONFIDENCE IN YOUR BUSINESS?

PEARSON: WELL I CERTAINLY HOPE SO. I THOUGHT OUR PEOPLE DID A GREAT JOB PRESENTING FROM AROUND THE WORLD. I WAS VERY PROUD OF THEM AND I HAVE A GREAT DEAL OF CONFIDENCE IN OUR PEOPLE. AND I HOPE THAT THE INVESTORS TOOK THAT AWAY FROM THE PRESENTATION AS WELL.

TIRRELL: AND THERE HAS BEEN SOME SPECULATION THAT ALLERGAN COULD DO ANOTHER DEAL LIKE BUYING SHIRE, DOING SOMETHING ELSE TO TRY TO STAVE YOU GUYS OFF AS A DEFENSIVE MANUEVER. HOW WOULD YOU REACT IF THEY CONSIDERED SOMETHING LIKE THAT?

PEARSON: I THINK IT IS UNLIKELY. THEY HAVE AN INFLATED STOCK PRICE RIGHT NOW BECAUSE IT IS BASED ON THE DEAL. IT IS NOT BASED ON FUNDAMENTALS. AND I DON'T THINK ANY OTHER COMPANY IS GOING TO ACCEPT THEIR CURRENCY. IT IS AWFULLY DIFFICULT FOR ANOTHER BOARD AND COMPANY TO TAKE THEIR CURRENCY THAT IS CURRENTLY INFLATED.

TIRRELL: AND YOU ADDED THE CONTINGENT VALUE ON DARPIN, THE MACULAR DEGENERATION DRUG IN THE PIPELINE. THAT WAS SOMETHING YOU SAID SHAREHOLDERS WERE LOOKING FOR. WHAT ARE YOUR THOUGHTS ABOUT THAT PIPELINE AND WHY A CVR MIGHT MAKE SENSE?

PEARSON: SO ALLERGAN HAS TOUTED THAT THIS MIGHT BE A $20 BILLION CUMMULATIVE REVENUE DRUG AND WE ARE A LITTLE LESS OPTIMISTIC THAN THEY ARE ON IT, BUT WE ARE HAPPY TO – IF IT IS SUCCESFUL – DISPROPORTIONATELY SHARE THAT WITH THE ALLERGAN SHAREHOLDERS. IT CERTAINLY TAKES AWAY ONE MORE EXCUSE FOR WHY WE HAVE TO WAIT FOR ANOTHER THREE OR FOUR MONTHS BEFORE THEY ARE GOING TO BE WILLING TO SIT DOWN.

TIRRELL: MIKE PEARSON, THE CEO OF VALEANT. THANK YOU SO MUCH.

PEARSON: THANK YOU.

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